The owner of Bond's Gym has paid you to carry out a survey of potential customers. You asked 600 potential customers what price they would be willing to pay to join the gym. Then, the owner provided you data about the number of customers that can be admitted as members at each membership price. This allowed you to create a combined supply and demand schedule for Bond's.
Supply and Demand Schedule
Membership Price Membership Applications Memberships Available $0 600 0
$15 450 100
$30 300 200
$45 150 300
$60 0 400
.
Student Guide (continued)
1. Using the data in the supply and demand schedule, create demand and supply curves for Bond's Gym on the following graph. Be sure to use textboxes to label the supply curve as S and the demand curve as D. (10 points)

2. Is the demand curve shallow or steep? What does this mean about the elasticity of the demand for memberships? (5 points)
3. Is the supply curve shallow or steep? What does this mean about the elasticity of supply for memberships? (5 points).